The Department of Commerce is planning to submit an information collection request for the Annual Business Survey (ABS) to the Office of Management and Budget (OMB) for review. This survey aims to reduce the burden on businesses while gathering data on business characteristics, such as research and development, innovation, and demographics of business owners. The 2025 survey will include a reduced sample size and changes to the survey process to be more efficient, with data collected through an online questionnaire. This information will help various stakeholders, including government and business leaders, understand and assess business dynamics in the U.S.
Simple Explanation
The Department of Commerce wants to ask businesses questions every year to learn important things about them, but now they'll ask fewer people and use the internet to make it easier and cheaper. Some people worry this could mean missing out on important details and might make it harder for everyone to join in.